Transatlantic Trade and Investment Partnership (TTIP)

In an effort to further promote trade and investment, achieve stable economic growth, and improve their international competitiveness, the E.U. and the U.S. established the High Level Working Group on Jobs and Growth in November 2011. It was tasked to look into every opportunity to deepen transatlantic economic relations. In February 2013, the working group concluded that a comprehensive agreement addressing a broad range of bilateral trade and investment issues, including regulatory issues, and contributing to the development of global rules would provide the most significant mutual benefit. European Council President Herman van Rompuy, European Commission President José Manuel Barroso, and United States President Barack Obama subsequently announced that the E.U. and the U.S. will each initiate internal procedures necessary to launch negotiations on a Transatlantic Trade and Investment Partnership (TTIP).